HDFC to seek shareholders' nod to raise Rs 85,000 crore

NEW DELHI: Mortgage lender HDFC will seek shareholders’ approval at the annual general meeting (AGM) next month to raise up to Rs 85,000 crore through various debt instruments. The AGM is scheduled on July 26, 2017.

"The approval of the members is being sought by way of special resolution...authorising the board to issue NCDs and/or any other hybrid instruments (notin nature of equity shares) which can be classified as being tier II capital up to an aggregate amount not exceeding Rs 85,000 crore," it said in a regulatory filing.

The fund is to be raised by issuing redeemable nonconvertible debentures or other hybrid instruments on a private placement basis for cash either at par or premium or at a discount to face value depending upon the prevailing market conditions, it said.